economics business organizations

Business Organization is the single-most important choice an owner would have to make

What form the business adopts will affect a multitude of factors, many of which will decide the company's future

ARE YOU READY TO TEST YOUR KNOWLEDGE?

3 2 1 ...

Multiple Choice

This type of business is owned by one person.

• Partnership
• Sole Proprietorship
• Corporation
• Franchise

Open Ended

Q1 : What is the purpose of most business organizations?

Open Ended

If you are an entrepreneur who wishes to engage in a business of your choice, what type of business will it be?

Multiple Choice

This type of business is owned by two or more people.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

Multiple Choice

Q2 : What is the most common type of business organization in the United States?

• Partnership

• Sole Proprietorship

• Corporation

Multiple Select

Q3 : Some of the advantages of Sole Proprietorships include Freedom & Control.

• TRUE

• FALSE

Multiple Choice

This type of business is owned by many people called stockholders.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

Multiple Choice

Q4 : What kind of business is best described by these statements?

I am the only owner of this business.

I keep all the profits.

• Sole Proprietorship

• Corporation

• Partnership

Multiple Choice

Q5 : Floral Shops, Bookstores, Farms are examples of what type of business?

• Corporation

• Sole Proprietorship

• Partnership

Multiple Choice

Nike, Google and Apple are examples of.....

• Sole Proprietorships
• Partnerships
• Corporations
• Franchises

Open Ended

Now that you have learned more about the types of business ownership, which type appears to be the type that you will start and would you want to grow it into another type? Explain.

Poll

Q6 : Partnership is divided into 2 types ONLY.

• True. Partnership is divided into 2 types only.

• False. Partnership is divided into more than 2 types.

Multiple Choice

How is a corporation different from a sole proprietorship or partnership?

• A corporation has only one or two owners.

• A corporation is usually owned by one person.

• A corporation requires a legal charter with the state.

• The owners (stockholders) have limited liability.

Open Ended

Give some examples of businesses with a single proprietor.

Multiple Choice

McDonald's and Burger King are examples of....

• Sole Proprietorships
• Partnerships
• Corporations
• Franchises

Fill in the Blank

Q7 : The biggest _________ of Partnerships is the unlimited liability.

HINT : the answer is either advantage or disadvantage

Multiple Choice

Advantages of this business type are that the owner is their own boss and gets to keep all the profits.

• Partnership
• Sole Proprietorship
• Corporation
• Franchise

Multiple Choice

Q8 : A Corporation is owned by stockholders or shareholders.

• TRUE

• FALSE

Multiple Choice

Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

Multiple Choice

Advantages of this business include: easier to get money from the bank to start, share skills and share risks.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

Multiple Choice

Q9 : Corporations are more effective at raising large amount of money with the use of Bonds.

• True. Bonds are an effective way of raising large amount of money in a Corporation.

• False. Corporations raise large amount of money by factors other than bonds.

Multiple Choice

Disadvantages of this business type include: needs a partnership agreement, partners might not get along, owners share profits, unlimited liability.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

Multiple Choice

Advantages of this type of business include: easy to start, and you can rely on a good company name and expertise.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

THANK YOU!

Farah Al Hamad & Raghad Moosa

Multiple Choice

Advantages of this type of business include: selling stock to raise money, limited liability.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

Multiple Choice

Disadvantages of this type of business include: company is taxed on profits, regulated by the government, and hard to start.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

Multiple Choice

Which type of business allows the owner to keep all of the profit for him/herself?

• Partnership

• Franchise

• Sole Proprietorship

• Corporation

Poll

Can we consider a Law Firm as an example of a partnership business?

• Yes

• No

Multiple Choice

Disadvantages of this type of business include: parent company is strict, you are limited in what you sell, and you must operate like every other franchise.

• Sole Proprietorship

• Partnership

• Corporation

• Franchise

Multiple Choice

No paperwork (charter or agreement) is required to start which type of business?

• Partnership

• Franchise

• Sole Proprietorship

• Corporation

Multiple Choice

When comparing the four main types of business organizations, which protects owners the MOST from personal financial liability due to being sued by a customer?

• Sole Proprietorship
• Partnership
• Franchise
• Corporation

Multiple Choice

Which business depends on just one person for the skills and talents to run the business?

• Sole Proprietorship

• Partnership

• Corporation

• Franchise

Multiple Select

The head of the Board of Directors is called the...

• Chief Executive Officer

• President

• Chairman of the Board

• None of these

Open Ended

Give other examples of a service business:

Open Ended

Give other examples of a merchandising business:

Open Ended

Give other examples of a manufacturing business:

Don't hesitate to ask questions.

If you missed this opportunity, you will miss your chance to broaden your understanding or clarify something from the lesson.​

Any Questions?

Poll

SELF ASSESSMENT: Have I learned and understood this topic today?

• Yes

• No

• I need more iclarification